for oil futures
By manipulating sentiment through both verbal intervention and physical supply cuts, OPEC members have effectively used speculative money in the futures markets to their advantage.
OPEC policy, fresh data from agencies such as the IEA and the EIA, price speculators, and geopolitical disruptions are all known as market movers. But there’s another important player in oil price movements, and that’s the Federal Reserve.
The oil markets will be keeping a close eye on interest rates, as any rate hike could push prices even lower.